Most affluent consumers will maintain spending despite expecting lower income due to higher taxes according to the Spring 2013 Affluent Market Tracking Study of the wealthiest 10 percent of U.S. households that account for almost half of all consumer spending. The survey was conducted by the American Affluence Research Center.
Given the slight decline in overall retail sales in March, this is good news for businesses targeting the affluent consumers represented by the survey, the 23rd in a series of twice-yearly tracking studies of the wealthiest 11.4 million households, based on net worth, which has been demonstrated to be a more stable indicator of wealth than income.
Intentions to purchase any of the eight major expenditure items and the indexes for changes in spending for the 17 products and services tracked by these studies are about the same as in the fall 2012 survey. Over half of the affluent consumers say they do not plan to reduce or defer expenditures during the next 12 months.
The survey is based on a projectable national sample of 463 respondents representative of U.S. households with a minimum $800,000 net worth. The respondents reported an average income of $309,000 per year and average net worth of $3.1 million. The average value of their primary residence is $1.2 million.